Raymond James Financial Services Advisors Inc. increased its position in CIGNA Co. (NYSE:CI) by 10.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,745 shares of the health services provider’s stock after acquiring an additional 1,879 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in CIGNA were worth $3,526,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Synovus Financial Corp bought a new stake in CIGNA during the first quarter valued at about $115,000. Signaturefd LLC bought a new stake in CIGNA during the first quarter valued at about $115,000. Elmwood Wealth Management Inc. bought a new stake in CIGNA during the first quarter valued at about $117,000. Handelsbanken Fonder AB bought a new stake in CIGNA during the second quarter valued at about $214,000. Finally, Cambria Investment Management L.P. bought a new stake in CIGNA during the first quarter valued at about $267,000. 88.96% of the stock is owned by institutional investors.
Shares of CIGNA stock opened at $185.30 on Wednesday. CIGNA Co. has a 52 week low of $163.02 and a 52 week high of $227.13. The stock has a market capitalization of $44.60 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 1.08 and a beta of 0.60. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.35.
CI has been the topic of several research analyst reports. Credit Suisse Group boosted their price objective on CIGNA from $215.00 to $218.00 and gave the company an “outperform” rating in a research report on Friday, May 4th. Zacks Investment Research upgraded CIGNA from a “hold” rating to a “buy” rating and set a $197.00 price objective on the stock in a research report on Monday, May 28th. Goldman Sachs Group upgraded CIGNA from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $193.00 to $212.00 in a research report on Wednesday, June 6th. ValuEngine downgraded CIGNA from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Finally, Jefferies Financial Group restated a “buy” rating and issued a $224.00 price objective on shares of CIGNA in a research report on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $221.77.
In related news, Director William D. Zollars sold 265 shares of the business’s stock in a transaction dated Thursday, June 14th. The stock was sold at an average price of $176.93, for a total value of $46,886.45. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Eric P. Palmer bought 2,828 shares of the firm’s stock in a transaction that occurred on Tuesday, July 31st. The stock was purchased at an average price of $177.61 per share, for a total transaction of $502,281.08. Following the completion of the transaction, the chief financial officer now directly owns 9,678 shares of the company’s stock, valued at approximately $1,718,909.58. The disclosure for this purchase can be found here. 1.10% of the stock is currently owned by insiders.
Cigna Corporation, a health services organization, provides insurance and related products and services in the United States and internationally. It operates through Global Health Care, Global Supplemental Benefits, Group Disability and Life, and Other Operations segments. The Global Health Care segment offers medical, dental, behavioral health, vision, and prescription drug benefit plans, as well as health advocacy programs, and other products and services to insured and self-insured customers.
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